Bank of America recently announced a record year for its patent portfolio, which has grown to nearly 6,600 granted patents and pending patent applications – a year-over-year increase of 13%, and an increase of nearly 70% since 2019. A record 644 patents were granted to the company last year, an increase of 54% compared to the total number of patents granted in 2019. As a result, the company rose from 75th to now 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners (PDF).
“Technology helps us deliver world-class capabilities to clients, enabling them to manage their finances efficiently and securely and to interact with us when, where and how they want,” shared Aditya Bhasin, Chief Technology and Information Officer for Bank of America. “We innovate to meet and anticipate our clients’ needs. As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences.”
Technology categories in which new patents were granted to Bank of America last year include information security, artificial intelligence (AI), machine learning, online and mobile banking, payments, data analytics and a new category: augmented and virtual reality.
This record year of patents granted was made possible by Bank of America inventors around the world, who mirror the diversity of the bank’s clients. Bank of America has more than 7,300 inventors across 42 U.S. states and 14 countries, with 26% of them being women. Worldwide, fewer than 17% of inventors are women.
Bank of America spends $12 billion annually on technology, of which $3.8 billion will be allocated to new technology initiatives in 2024. Over the last decade, the company has spent $32 billion on new technology initiatives. These ongoing investments – combined with our high-tech, high-touch approach – continue to enhance the client experience across all channels, and to drive operational efficiencies across our company.
One of the greatest measures of success is the degree to which clients engage with our digital solutions. Today, 57 million clients leverage our digital capabilities to help manage their financial lives. Last year, our clients digitally connected with their finances a record 23.4 billion times, an 11% increase year-over-year.
Bank of America patents have been cited by other companies in the financial services and technology industries more than 53,000 times, further demonstrating the company’s influence on technology and innovation.
Melissa Gordon Glenn
Melissa Gordon Glenn
Global Information Security executive and Bank of America patent holder
“Having the ability to ideate and collaborate with other bank teammates on functionality that could enhance our clients’ interactions and experiences is inspiring. It was a proud moment for me when my first patent was granted.” shared Melissa. “In addition to the great work my team achieves daily, I want them to be empowered to innovate and be personally connected to how our company supports Responsible Growth. To do so, I encourage each of my team members to identify at least one idea for patent consideration annually.”
from 2019 to 2023